Seven Eight Capital LP grew its holdings in Magellan Health Inc (NASDAQ:MGLN) by 48.2% in the third quarter, Holdings Channel reports. The institutional investor owned 15,705 shares of the company’s stock after buying an additional 5,105 shares during the quarter. Seven Eight Capital LP’s holdings in Magellan Health were worth $1,132,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of MGLN. FMR LLC raised its position in shares of Magellan Health by 45.9% in the second quarter. FMR LLC now owns 2,180,301 shares of the company’s stock valued at $209,200,000 after buying an additional 685,962 shares during the last quarter. BlackRock Inc. raised its holdings in Magellan Health by 8.1% in the 2nd quarter. BlackRock Inc. now owns 3,473,848 shares of the company’s stock valued at $333,316,000 after acquiring an additional 260,040 shares during the last quarter. Brown Advisory Inc. acquired a new stake in Magellan Health in the 2nd quarter valued at about $20,869,000. Victory Capital Management Inc. raised its holdings in Magellan Health by 33.9% in the 2nd quarter. Victory Capital Management Inc. now owns 559,368 shares of the company’s stock valued at $53,672,000 after acquiring an additional 141,628 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Magellan Health in the 2nd quarter valued at about $8,462,000. Institutional investors and hedge funds own 97.22% of the company’s stock.
Several equities research analysts recently commented on MGLN shares. BidaskClub cut Magellan Health from a “strong-buy” rating to a “buy” rating in a report on Friday, August 31st. Zacks Investment Research raised Magellan Health from a “strong sell” rating to a “buy” rating and set a $108.00 price target for the company in a report on Wednesday, July 4th. Raymond James cut their price target on Magellan Health from $105.00 to $85.00 and set a “buy” rating for the company in a report on Monday, July 30th. Finally, ValuEngine cut Magellan Health from a “buy” rating to a “hold” rating in a report on Friday, July 20th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $99.33.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings data on Friday, July 27th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by ($0.15). Magellan Health had a return on equity of 11.29% and a net margin of 1.66%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the business posted $0.59 earnings per share. Magellan Health’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, sell-side analysts forecast that Magellan Health Inc will post 4.47 EPS for the current fiscal year.
Magellan Health Profile
Magellan Health, Inc engages in the healthcare management business. It operates through the following segments: Healthcare, Pharmacy Management, and Corporate. The Healthcare segment comprises of the Commercial and Government reporting units. The Pharmacy Management segment offers products and solutions that provide clinical and financial management of pharmaceuticals paid under both the medical and the pharmacy benefit.The Corporate segment covers amounts not allocated to the Healthcare and Pharmacy Management segments.
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